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EBay CEO John Donahoe and directors of the
Internet retailer have traded barbs with Icahn on a near-daily
basis since the activist investor first expressed his view that
spinning off PayPal would create shareholder value. EBay has said that the fast-growing payments service works best
when integrated with the company's core retail business. "The noise is going to get louder over the next four to six to
eight weeks," Donahue said in a video addressed to employees.
"Don't pay attention to the noise. Stay focused, and don't be
distracted. "The thing to keep in mind is that we have more insight around
our own company than anyone on the outside can," he said. "It's
easy to say when you're sitting on the outside, 'Oh,
simplistically separate, and we'll do some short-term financial
maneuvering to drive the share price up.'" Icahn, who owns just over 2 percent of eBay, has sparred with
eBay management via open letters and press releases since
January, when the pugnacious billionaire made an unsolicited
proposal for eBay to spin off PayPal. Icahn has also repeatedly accused eBay of poor corporate
governance, which the company has denied. On Wednesday, Smead Capital, which owns less than 1 percent of
eBay, spoke out in support of management's view that PayPal
should be kept within the fold of eBay. (Reporting by Deepa Seetharaman; editing by Leslie Adler) [© 2014 Thomson Reuters. All rights reserved.] Copyright 2014 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
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